Baltic Market: Earnings Recap (Feb 07)
The Baltic market (OMX Baltic) fell -0.15% this week, reflecting investor caution in the midst of earnings season. The picture is mixed: while Merko is struggling with a sharp decline in the construction sector, Nordecon managed to increase its sales revenue. Meanwhile, Tallinna Vesi is showing slowing growth.
MRK1TMerko Ehitus (MRK1T)
What happened: Results released on February 5th were disappointing: Q4 sales revenue fell by 56.9%, and net profit plummeted by a staggering 83.7%.
Why: The cause was the completion of major construction projects and a drastic decrease in apartment sales (from 129 to 43), which pushed the real estate segment into a loss.
Market reaction: The stock reacted to the news with a sharp decline, ending the week -7.0% lower.
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